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Liberty JV Anticipates Industrial Portfolio's Value to Reach $500M

ROSEMONT, IL-Through a partnership with New York State Common Retirement Fund, Malvern, PA-based Liberty Property Trust plans to expand its Chicagoland reach. The agreement includes seven Liberty-owned distribution buildings in the Chicago area, currently assessed at $125 million.

By Dana Dubriwny | Updated on April 25, 2006

(To read more on the debt and equity markets and the industrial market, click here.)

ROSEMONT, IL-Liberty Property Trust, based in Malvern, PA, has partnered with New York State Common Retirement Fund to enhance the value of its Chicago-area industrial portfolio, assessed at $125 million. Through development, acquisition and redevelopment of underutilized distribution properties, Liberty’s Midwest bank is expected to grow to approximately $500 million.

Advised by Chicago-based real estate investment management firm Heitman, the agreement includes seven Liberty-owned distribution buildings in the Chicago area. Occupancy of the portfolio stands at approximately 83%. Through the joint venture, Liberty will retain 25% ownership and will receive development, leasing and property management fees. The venture will be financed with approximately 60% leverage.

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